Liability insurance protects an individual or business when they are at fault for damage or injuries. For example, liability insurance pays the bills when someone causes an accident, and there are damages or injuries. Each state has its own minimum requirements for liability insurance. Here’s what to know about liability insurance in Maine.
Does Maine Require Liability Insurance?
Maine has minimum requirements for automotive liability insurance. Insurance companies like Cole Harrison Insurance can explain that the minimum is $50,000 per person and $100,000 per accident for bodily injury. There is a $25,000 minimum for property damage. Maine does not require a business to have both property and liability insurance for the business. Contacting insurance companies may be helpful for you to determine what coverage you need.
Different Types of Liability Insurance Available in Maine
We all purchase insurance with the hope of never using it. Yet, the United States insurance industry wrote a total of $1.32 trillion net claims in 2019. This is a significant amount of money paid out in claims for one year.
Maine insurance agencies like Cole Harrison Insurance are happy to tell you about all the various types of insurance available. This includes general liability, which is among the most common kinds of business insurance coverage available. This is the type of insurance that a business owner should have. It protects the business from costs associated with injury and property damage to a third party. This also includes advertising and personal injury.
Professional liability is the type of insurance that is ideal for any business in Maine that offers professional services. It protects a business against professional negligence claims and helps pay for the cost of defense. This is commonly referred to as errors and omissions insurance.
This particular insurance protects businesses from costs associated with cyber-attacks and data breaches. In addition, this coverage provides protection for expenses related to data recovery, legal fees, and investigative services. For businesses that store any customer data, especially credit card or personal information, this is essential coverage.
There are a number of varying insurance coverages available to businesses in Maine. To find out exactly what would benefit you and your business, contact Cole Harrison Insurance to discuss your particular business situation. You do not want to find yourself in a case where you do not have the coverage you need.